Nobel Prize

The Nobel Prizes are internationally renowned awards established to recognise individuals and organisations whose work offers the greatest benefit to humankind. Created in accordance with the will of Alfred Nobel, a Swedish chemist and inventor, the prizes have been awarded annually since 1901 and have come to symbolise the highest achievement in fields spanning the sciences, the humanities, and global peace efforts. Over time, the prize system has expanded and adapted, yet it continues to reflect Nobel’s original commitment to honouring excellence and humanitarian contribution.
Awarded in six categories today, the prizes have gained a status unrivalled in their respective fields. Laureates receive a gold-plated medal, a diploma, and a substantial monetary reward funded by Nobel’s endowment and managed by the Nobel Foundation. The awards ceremony, held each December, remains one of the most celebrated international events, attracting global attention and highlighting achievements of lasting significance.

Origins and Establishment of the Prizes

Alfred Nobel, born in Stockholm in 1833, built his wealth through engineering, invention, and industrial enterprise. Best known for inventing dynamite and developing numerous explosives technologies, he accumulated considerable assets during his lifetime. A widespread—but historically uncertain—story recounts that in 1888 Nobel mistakenly read his own obituary, published after the death of his brother, which labelled him “The Merchant of Death”. Whether factual or not, this narrative reflects concerns Nobel expressed about his legacy and the broader implications of his inventions.
Nobel’s final will, written in Paris in 1895, laid out a detailed plan for distributing the majority of his fortune. He directed that prizes be created in physics, chemistry, physiology or medicine, literature, and peace, to be awarded to those whose work rendered the greatest service to humanity. His decision surprised his family and broader society, leading to legal and administrative challenges. Approval was finally granted by Norwegian authorities in April 1897.
To implement Nobel’s instructions, Ragnar Sohlman and Rudolf Lilljequist, executors of the will, founded the Nobel Foundation in 1900. This private organisation was tasked with managing Nobel’s endowment, investing funds to ensure sustainable financing, and overseeing the administration of the prizes. Although it manages financial and organisational aspects, the foundation does not participate in selecting laureates, a responsibility entrusted to independent prize-awarding bodies designated by Nobel.

Structure, Administration, and Financial Management

The Nobel Foundation operates similarly to an investment institution, handling the capital left by Nobel to maintain the long-term value of the prizes. Early in its history, the foundations stability was reinforced when Nobel family funds were successfully repatriated from business ventures in Azerbaijan. Over time, the foundation has diversified its investments across shares, bonds, real estate, and other assets, with modern portfolios often comprising substantial international holdings.
The organisation is overseen by a board of directors, historically chosen by the Swedish government and trustees of prize-awarding institutions, though since the mid-1990s appointments have been made directly by these trustees. Alongside the board, the foundation includes the institutions that award the prizes, such as the Royal Swedish Academy of Sciences and the Norwegian Nobel Committee.
Operating costs include prize money, events associated with Nobel Week, administrative expenses, and support for academic symposia. The Sveriges Riksbank funds the Prize in Economic Sciences, created in 1968 to commemorate Alfred Nobel, which is administered under similar procedures but was not part of Nobel’s original plan.

Categories of the Nobel Prizes

The original prizes reflect Nobel’s intent to support scientific progress, cultural enrichment, and peace:

• Physics – for outstanding contributions to the understanding of natural laws.
• Chemistry – for achievements in chemical science.
• Physiology or Medicine – awarded by the Nobel Assembly at the Karolinska Institute for advances in medical and biological sciences.
• Literature – for authors whose works demonstrate exceptional writing and humanistic insight.
• Peace – awarded in Oslo by the Norwegian Nobel Committee to individuals or organisations promoting fraternity among nations and the reduction of conflict.

The sixth award, the Nobel Memorial Prize in Economic Sciences, honours contributions to economics and was established by Sweden’s central bank. Though not technically a Nobel Prize, it has become closely associated with the original awards.
Laureates may include individuals or, in the case of the Peace Prize, organisations. No more than three individuals may share a single prize, and posthumous awards are not permitted unless the laureate dies after announcements have been made.

Awarding Process and Ceremonial Traditions

The awarding of the Nobel Prizes begins with nominations, which are collected by committees within the relevant institutions. Expert review follows, producing shortlists and final recommendations to the awarding bodies. The first prizes in 1901 honoured major figures including Wilhelm Röntgen, recognised for the discovery of X-rays.
Each prize includes a medal featuring Alfred Nobel’s profile, a diploma designed uniquely for each laureate, and a monetary award determined annually. The funds are drawn from investment returns managed by the Nobel Foundation. Ceremonies take place on 10 December, the anniversary of Nobel’s death, with events in Stockholm and Oslo reflecting the international stature of the awards.

Historical Development and Legacy

Since their inception, the Nobel Prizes have been awarded to more than a thousand individuals and organisations, some of whom have received multiple honours. The history of the prizes includes periods of interruption during global conflicts but otherwise reflects Nobel’s instruction that they be awarded annually.
Nobel’s decision to allocate nearly all his wealth to prizes designed for the betterment of humanity has had a lasting global impact. The awards have become one of the foremost markers of excellence, encouraging advancements in science, culture, and humanitarian work. Over more than a century, the prizes have cultivated a rich legacy of innovation, intellectual achievement, and commitment to peace.
The ongoing work of the Nobel Foundation ensures that this legacy is preserved, adapting to economic changes while maintaining the principles laid out by Alfred Nobel. The foundation’s continued stewardship affirms the enduring relevance of Nobel’s vision in the modern world.